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Yahoo
2 days ago
- Business
- Yahoo
Dollar Rallies as Euro Slumps on the EU-US Trade Deal
The dollar index (DXY00) on Monday rose sharply by +1.03% to a 1-week high. The dollar rallied Monday as global trade tensions eased following the EU and US agreeing to a trade deal, and reports that China and the US are set to extend their trade truce by another three months. The dollar also garnered support as the euro weakened, as the EU-US trade deal is seen as favoring the US. In addition, expectations for the Fed to keep interest rates unchanged at the end of Wednesday's 2-day FOMC meeting are supportive of the dollar. The dollar extended its gains after the Jul Dallas Fed manufacturing outlook survey rose more than expected to a 6-month high. The US Jul Dallas Fed manufacturing outlook survey rose +13.6 to a 6-month high of 0.9, stronger than expectations of -9.0. More News from Barchart Dollar Rises as the EU and US Agree on a Trade Deal America's $37 Trillion Debt Now Takes Venmo: Should Investors Be Worried? Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! The European Union (EU) and the US reached a trade deal on Sunday, which will see the EU face 15% tariffs on most of its exports, lower than the previous threats from President Trump of tariffs as high as 50%. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the Tue/Wed FOMC meeting and 66% at the following meeting on September 16-17. EUR/USD (^EURUSD) on Monday sold off sharply by -1.29% and posted a 1-week low. The euro was under pressure Monday as the announced EU-US trade deal was seen as favoring the US, with 15% tariffs imposed on most EU goods, which could pose headwinds to the Eurozone economy due to the higher tariffs. Monday's hawkish comments from ECB Governing Council member Kazimir were supportive of the euro, as he stated that the ECB shouldn't cut interest rates in September unless there's evidence of a major deterioration in the economy. Swaps are pricing in a 17% chance of a -25 bp rate cut by the ECB at the September 11 policy meeting. USD/JPY (^USDJPY) Monday rose by +0.59%. The yen fell to a 1-week low against the dollar Monday as the EU-US trade deal has eased global trade tensions and reduced safe-haven demand for the yen. Higher T-note yields on Monday were also bearish for the yen. The yen garnered some support Monday after Prime Minister Ishiba insisted he would stay on as Prime Minister despite his LDP party losing its majority in the July 20 upper house elections. The yen continues to be undercut by concerns that the LDP's loss of its majority in Japan's upper house in the July 20 elections may lead to fiscal deterioration in Japan's government finances, as the government boosts spending and implements tax cuts. August gold (GCQ25) on Monday closed down -25.60 (-0.77%), and September silver (SIU25) closed down -0.144 (-0.38%). Precious metals retreated on Monday, with gold falling to a 2.5-week low and silver posting a 1-week low. Monday's rally in the dollar index to a 1-week high was bearish for metals. Easing global trade tensions also undercut safe-haven demand for precious metals after the EU and US agreed to a trade deal and following the South China Morning Post's report that China and the US are set to extend their trade truce by another three months. In addition, hawkish comments on Monday from ECB Governing Council member Kazimir undercut precious metals when he said he favors the ECB holding interest rates steady at the September policy meeting. Finally, higher T-note yields on Monday weighed on precious metals. Precious metals continue to receive safe-haven support from geopolitical risks, including the conflicts in Ukraine and the Middle East. Fund buying of precious metals continues to support prices after gold holdings in ETFs rose to a two-year high last Friday, and silver holdings in ETFs reached a three-year high on the same day. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
2 days ago
- Business
- Boston Globe
Texas firms hit by immigration crackdown add hours, raise wages
Advertisement The Dallas Fed survey addresses an issue likely to have a growing impact nationwide, as the Trump administration steps up efforts to detain and deport undocumented immigrants. The federal government is also stripping hundreds of thousands of foreign workers of their authorizations, in addition to Trump's campaign pledge to undertake the largest deportation operation in US history. That's triggering a chilling effect for workers across the economy, with many choosing to lay low as they fear being detained. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'Top impacts include an inability to hire qualified workers because they lack work permits or legal status, a reduction in the number of foreign-born applicants, and employees missing work due to fear of immigration enforcement,' Emily Kerr, senior business economist at the Dallas Fed, said in a note. Advertisement The more than 5 million immigrants who joined the labor force on net since 2020 have accounted for most of the job creation in the United States. Trump has framed his crackdown as a matter of restoring public safety and protecting American jobs. Government data suggests his efforts are already pushing foreign-born workers out of the labor market. 'We were required to fire over 40 employees that had been with the company for over 20 years or face severe penalties,' one wood-product manufacturer wrote in response to the survey. 'The law and reality are in direct conflict.' Overall, the Dallas Fed survey showed that employment picked up in July from the prior month, while a gauge of hours worked climbed to the highest reading in almost three years. Businesses overall reported that the availability of applicants had improved over the past three months, while it was becoming harder to retain existing employees. The survey was conducted between July 15-23 and included responses from 331 business executives in Texas.
Bloomberg
3 days ago
- Business
- Bloomberg
Texas Firms Hit by Immigration Crackdown Add Hours, Raise Wages
Businesses in Texas that face a labor squeeze from President Donald Trump's immigration crackdown are responding by offering more hours to existing employees and increasing wages and benefits, according to a survey published Monday by the Federal Reserve Bank of Dallas. Some 13% of Texas executives in the survey said that immigration shifts are impacting their ability to hire and retain foreign-born workers, with an additional 7% expecting that to happen later this year, the Dallas Fed found.
Yahoo
3 days ago
- Business
- Yahoo
Dollar Rises as the EU and US Agree on a Trade Deal
The dollar index (DXY00) today is up by +0.72% at a 1-week high. The dollar is gaining today as global trade tensions ease following the EU and US agreeing to a trade deal, and China and the US are set to extend their trade truce by another three months. The dollar also garnered support as the euro weakened, as the EU-US trade deal is seen as favoring the US. In addition, expectations for the Fed to keep interest rates unchanged at the end of Wednesday's 2-day FOMC meeting are supportive of the dollar. The dollar extended its gains after the Jul Dallas Fed manufacturing outlook survey rose more than expected to a 6-month high. On the negative side, today's rally in the S&P 500 to a new all-time high has curbed liquidity demand for the dollar. The US Jul Dallas Fed manufacturing outlook survey rose +13.6 to a 6-month high of 0.9, stronger than expectations of -9.0. More News from Barchart Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! The European Union (EU) and the US reached a trade deal on Sunday that will see the EU face 15% tariffs on most of its exports, lower than previous threats from President Trump of tariffs as high as 50%. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 63% at the following meeting on September 16-17. EUR/USD (^EURUSD) today is down by -0.91% and posted a 1-week low. The euro is under pressure today as the announced EU-US trade deal is seen as favoring the US, with 15% tariffs imposed on most EU goods, which could pose headwinds to the Eurozone economy due to the higher tariffs. Today's hawkish comments from ECB Governing Council member Kazimir were supportive of the euro, as he stated that the ECB shouldn't cut interest rates in September unless there's evidence of a major deterioration in the economy. Swaps are pricing in a 14% chance of a -25 bp rate cut by the ECB at the September 11 policy meeting. USD/JPY (^USDJPY) today is up by +0.35%. The yen fell to a 1-week low against the dollar today as the EU-US trade deal has eased global trade tensions and reduced safe-haven demand for the yen. Higher T-note yields today are also bearish for the yen. The yen garnered some support today after Prime Minister Ishiba insisted he would stay on as Prime Minister despite his LDP party losing its majority in the July 20 upper house elections. The yen continues to be undercut by concerns that the LDP's loss of its majority in Japan's upper house in the July 20 elections may lead to fiscal deterioration in Japan's government finances, as the government boosts spending and implements tax cuts. August gold (GCQ25) today is down -30.00 (-0.90%), and September silver (SIU25) is down -0.115 (-0.30%). Precious metals are falling today, with gold posting a 2.5-week low and silver posting a 1-week low. Today's stronger dollar is bearish for metals. Easing global trade tensions is also undercutting safe-haven demand for precious metals after the EU and US agreed to a trade deal and following the South China Morning Post's report that China and the US are set to extend their trade truce by another three months. In addition, today's rally in the S&P 500 to a new record high has reduced safe-haven demand for precious metals. Finally, hawkish comments today from ECB Governing Council member Kazimir undercut precious metals when he said he favors the ECB holding interest rates steady at the September policy meeting. Precious metals continue to receive safe-haven support from geopolitical risks, including the conflicts in Ukraine and the Middle East. Fund buying of precious metals continues to support prices after gold holdings in ETFs rose to a two-year high last Friday, and silver holdings in ETFs reached a three-year high on the same day. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
See - Sada Elbalad
17-07-2025
- Business
- See - Sada Elbalad
Local Market Calm, But Retail Sales See Seasonal Boost
Waleed Farouk The local bullion market continues to experience subdued activity due to a relative calm in global markets. Retail outlets have largely relied on recycled gold for inventory, especially as bullion traded at slightly lower exchange rates compared to the official rate — about 30 piastres lower in recent days. However, with Thursday's trading session, the gap narrowed, bringing market exchange rates in line with official rates as the sector moved toward exporting raw gold to generate foreign currency liquidity. On the retail front, demand is seeing a seasonal uptick with the approach of the summer wedding and engagement season. Market estimates suggest that around 30% of current demand is directed toward gold jewelry, while the remaining 70% is focused on bullion for savings or investment, particularly with prices stabilizing in the 4620–4660 EGP range for 21-karat gold since the beginning of July. Stronger Dollar Dampens Gold Demand The U.S. dollar regained strength following comments from former President Donald Trump, who denied intentions to dismiss Fed Chair Jerome Powell. The reassurance eased market anxiety and pushed the dollar toward its highest level since June 23. Simultaneously, several Federal Reserve officials signaled caution regarding premature monetary easing. Dallas Fed President Lorie Logan voiced concerns over inflationary risks stemming from tariffs, while New York Fed President John Williams stated that the current economic conditions do not justify immediate policy changes. These remarks prompted markets to dial back expectations for a rate cut. The likelihood of a 25-basis-point rate cut in September dropped to 63%, down from 78% a week ago, according to CME FedWatch data. Geopolitical Tensions Offer Underlying Support Amid Fragile Balance Despite the decline, gold remains supported by geopolitical tensions and global trade uncertainties, particularly after Trump announced new tariffs on 25 countries effective August 1 — a move that heightens global anxiety and renews safe-haven interest in gold. On the data front, U.S. Producer Price Index (PPI) data came in below expectations, showing no monthly change for June versus a forecast of +0.1%. Year-on-year growth was 2.3%, below the expected 2.5%. The core PPI, excluding food and energy, also registered flat monthly and 2.6% annual growth, indicating softening price pressures from the supply side. On the flip side, industrial production rose by 0.3%, surpassing forecasts and suggesting economic activity remains resilient despite easing inflation. Nonetheless, Tuesday's Consumer Price Index (CPI) report showed core inflation still running hotter than expected at 2.9%, reinforcing pressure on gold due to its inverse relationship with interest rates and the dollar. the gold market is navigating a fragile equilibrium, caught between dollar strength and potential rate stability on one hand, and global tensions and trade barriers on the other. The next moves in gold will likely hinge on economic and political cues from Washington over the coming weeks. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Sports Get to Know 2025 WWE Evolution Results
